S&P Global Ratings assigned its 'AA' long term rating to the King County Housing Authority (KCHA), Washington's $77.8 million affordable housing revenue bonds, series 2026A1, 2026A2, and 2026B. At the same time, we affirmed our 'AA' issuer credit rating (ICR) on the authority and our long-term rating on the authority's previously issued general revenue debt. The outlook is stable. The series 2026 bonds, similar to previously issued bonds of the authority, will be secured by net operating income of the deed of trust projects and other pledged projects, general revenue of the authority, and money and investments held in the funds that the trustee maintains under the indenture. Transaction documents define general revenue as all revenue of the authority, from
